House prices soar in market towns

The typical price of a market town home in England is 233,416 pounds, figures suggest

House prices in England's market towns have risen by nearly £1,000 a month over the last decade, Lloyds TSB said.

The typical price of a market town home has more than doubled from £114,718 in 2001 to £233,416 in 2011, a monthly increase of £989.

Market towns in England have weathered the financial crisis with their house prices generally increasing by 5% since 2007, the study found.

Two thirds of the towns studied have a typical house price that is above their county average. Lloyds TSB said that on average houses in these towns are worth £25,592 or 12% more than their county average.

Nitesh Patel, housing economist at Lloyds TSB, said: "The popularity of living in market towns is clearly evident from the substantial increases in average house prices seen over the past decade, together with the significant premium that many of them command over their neighbouring towns.

"Many of these towns offer an attractive balance between being close to the countryside and ease of access to the road and rail networks that allow residents to commute to work."

Stanhope in County Durham enjoyed the biggest house price rise of all the English market towns, in terms of the percentage increase over the decade. Houses were worth around £57,502 there in 2001, but prices increased by 158% over 10 years to reach £148,264.

Beaconsfield in Buckinghamshire is the most expensive market town, with prices averaging £779,986 in 2011.

Ferryhill in County Durham is the cheapest market town to live in, with houses typically costing £89,446. But it also enjoyed the second biggest house price rise of the 112 English market towns surveyed, with typical prices there standing at £35,102 in 2001.

Lloyds TSB used findings from the Land Registry to compile its figures.